Share Transfers Agreed/Cooling off period

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Originally Posted by leggeto

so what does this mean then

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Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

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Originally Posted by greenginger

This is from Lithuanian Press via Google translate

http://www.lrytas.lt/-13950586441394...m#.UygIc6h_tig

It seems to suggest today's meeting is a formality because the State insurance service has overall voting majority and all important decisions already taken.

Also little interest from other creditors. :confused:

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From what I can gather, Ukio has been far more straightforward than UBIG in terms of the legal processes. UBIG remains the stumbling block for our pink neighbours.

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Originally Posted by lord bunberry

There will be no biscuits

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http://1.bp.blogspot.com/-zdLnTBaNIy...oto-760253.JPG

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Originally Posted by robinp

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

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Sounds like it might take a while! Pleasing :-)))

basic translation of the article

"What will the bank creditors Economy ? ( 4 )
Arunas Karaliūnas 2014-03-17 14:17 , updated 2014-03-18 07:23

On Tuesday , March 18 th, the meeting Kaunas " Girstutis Palace prefer the bankrupt 's creditors Economy , which will solve one of the most important issues - elect a creditors' committee , which would be seven members.

Even the 5 local creditors' committee under the state company Deposit and Investment Insurance. Market Committee members will also be offered Bank An employee representative and Sarunas Kraujalis company " Lifodas .

Today, by the end of the business day the bank creditors still may vote in writing or by visiting the bank 's headquarters.

If such a possibility by the state company Deposit and Investment Insurance , which has the largest share of the financial requirements , the meeting is just a formality.

A similar thing happened before the first bank Snoras creditors' meeting held in June 2012 . Upon arrival, meeting participants learned that all the important decisions have already been made .

Portal lrytas.lt data today, March 17 th in the morning, were received just 5.5 percent . of the total.

Kaunas district court bankruptcy proceedings Economy Bank raised the 2013 May 2nd. Last year, on October 17, the same court upheld the bank's overall financial creditors and the amount, which represents 1,439 billion . LTL .

The largest part of the financial requirements of the obligations of the second row to the creditor state company Deposit and Investment Insurance - 801 million . LTL .

One Economy 's ownership , the controversial businessman Vladimir Romanov , who is going to bring the prosecution allegations , currently in hiding abroad .....................:taxi"

My fellow bean counters, there are a large number of Yams looking in and hoping for your words of wisdom.

Can you not give them some comfort that this further delay will not hamper their master plan ?

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Originally Posted by Weststandwanab

My fellow bean counters, there are a large number of Yams looking in and hoping for your words of wisdom.

Can you not give them some comfort that this further delay will not hamper their master plan ?

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http://3.bp.blogspot.com/-6myA90jF8r...6945606M5W.jpg

http://images.everytrail.com/pics/fu..._no_return.JPG

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Originally Posted by Peevemor

From what I can gather, Ukio has been far more straightforward than UBIG in terms of the legal processes. UBIG remains the stumbling block for our pink neighbours.

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I actually think that UBIG's creditors will be easier to deal with than UKIO's.

UBIG are being offered money for something that has no value, ie the Hearts shares. If I were them, I would jump at that.

UKIO are being offered a little money for something which, arguably, has a much greater value. If I were them, I'd want more.

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Originally Posted by robinp

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

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Yup. :agree:

That's in line with many insolvencies over here, isn't it? The major creditor (normally the bank) holds all the voting power and, for that reason, nobody else bothers to turn up.

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Originally Posted by CropleyWasGod

I actually think that UBIG's creditors will be easier to deal with than UKIO's.

UBIG are being offered money for something that has no value, ie the Hearts shares. If I were them, I would jump at that.

UKIO are being offered a little money for something which, arguably, has a much greater value. If I were them, I'd want more.

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I would agree with your assessment which is why I see further delays leading to the inevitable when the cash runs out.

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Originally Posted by CropleyWasGod

Yup. :agree:

That's in line with many insolvencies over here, isn't it? The major creditor (normally the bank) holds all the voting power and, for that reason, nobody else bothers to turn up.

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That scenario is frequently the case here.

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Originally Posted by CropleyWasGod

Yup. :agree:

That's in line with many insolvencies over here, isn't it? The major creditor (normally the bank) holds all the voting power and, for that reason, nobody else bothers to turn up.

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Yes, with the exception of Joe Bloggs with too much cash who gives his neighbor £100,000 without taking a security and goes apoplectic at the meeting when he does't get his way and has no priority to be paid. :greengrin

11.40 AM in Lithland now. Meeting started at 10 AM local time. Meeting over yet ? or have they had a tea break to serve Jam Tarts . :greengrin

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Originally Posted by greenginger

11.40 AM in Lithland now. Meeting started at 10 AM local time. Meeting over yet ? or have they had a tea break to serve Jam Tarts . :greengrin

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Meeting was delayed due to some ugly ginger scottish guy hanging about outside, apparently with a cup in his hand and ear to the door. Not even offered a biscuit tae.

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Originally Posted by robinp

Basically the Lithuanian State Deposit Insurance has had to bail out the bank to the tune of 801 million Lita to make good on deposits etc, the total debt the Bank has is 1.4 billion Lita. The State has more than 50% of the debt (by value) and thus, even if every single other creditor votes against every motion, the State's vote will decide which way every decision goes.

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so their fate is in the hands of a lithbank who doesn't really care about anything but money let alone them,the MP will have to get his knees dirty I think

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Originally Posted by leggeto

so their fate is in the hands of a lithbank who doesn't really care about anything but money let alone them,the MP will have to get his knees dirty I think

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Nope.

The Lithuanian State Depost Insurance is a Government department.

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

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Originally Posted by Bajillions

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

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I'm moist now.

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Originally Posted by Bajillions

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

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"Hindsight" If only they had made a decision pre share issue and ST sales they "may" have been in a better place right now.......... But they'er no.. :greengrin

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Originally Posted by Bajillions

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

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The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.

If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!

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Originally Posted by Bajillions

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

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If the Big L, how does that work ? And what would happen to the PBS ?

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Originally Posted by Bajillions

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

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I'm guessing that The Rangers would have something to say about that.

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Originally Posted by robinp

The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.

If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!

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Ergo there is no chance of that happening.

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Originally Posted by grunt

I'm guessing that The Rangers would have something to say about that.

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Without a shadow. There's no way The Hearts would be able to start in the championship if liquidated. Division 4 a cert or even lower. Refer to Darlington 1883

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Originally Posted by Bajillions

A few staff were told that "liquidation is not out of the question" and that there has been no movement on the share situation for several weeks. BDO have said its an "increasingly growing cause for concern"

BDO have opened a line of communication with the SPFL about keeping their place in the Championship if this does happen.

Radio silence was ordered by Brian Jackson in the run in to the derby and to their inevitable relegation.

Staff have been told to try their best to make the end of the season and meet their commitments. If liquidation does happen then they want the process wrapped us as quickly as possible and the consensus now is that a completely clean start sooner rather than later is probably the best route forward.

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Originally Posted by robinp

The club concerned aside, there would, quite rightly, be absolute uproar if this was to happen. Remembering the hankering for Sporting Integrity last year with the now dead Rangers.

If Newco was grandfathered in to the Championship, then The Rangers will be up in arms!

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And that is why BJ is p!ssing in the wind. That will never happen in a million years imo :wink:

Yam soup recipes - Ask.com

Blended of course

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Originally Posted by Onion

If the Big L, how does that work ? And what would happen to the PBS ?

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No idea. I'm of the same opinion as everyone else, I doubt the SPFL would allow it. It would likely go to a vote of the member clubs.

Tynecastle would simply be sold to the highest bidder.

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Originally Posted by Bajillions

No idea. I'm of the same opinion as everyone else, I doubt the SPFL would allow it. It would likely go to a vote of the member clubs.

Tynecastle would simply be sold to the highest bidder.

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Which would be budge wouldn't it?

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Originally Posted by Hermit Crab

Which would be budge wouldn't it?

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Why would it?
If it's on the open market someone else may fancy buying it an renting it back.......

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Originally Posted by Hermit Crab

Which would be budge wouldn't it?

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Probably wouldnt get much of a crowd playing Whitehill Welfare though. :greengrin

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Originally Posted by Hermit Crab

Which would be budge wouldn't it?

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Not necessarily.